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First set off

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 February 2017 which first can be set off
current year loss or brought forward loss against income.
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Tony John

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Tony John (Expert)
18 February 2017 First losses in the current year will be set off (Inter source and then Inter head adjustments).
If sufficient income remains. brought forward losses of previous years shall be set off.
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 February 2017 but brought forward loss first shall be adjusted because of limit of restricted for brought forward loss
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Tony John

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Tony John (Expert)
18 February 2017 Suppose I have Chemical business (C1) and Paper business (P1).
C1 has loss Rs. 30000 and P1 has profit Rs.50000
I also have brought fwd loss in C1 Rs. 25000.
Now I must first set off current year C1 with P1. So current year business income becomes Rs.20000
Next I will set off b/f loss of C1 to the extent of Rs.20000. Balance will be carried fwd.
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